Missouri

Newmark Grubb Zimmer Arranges Sale of Nine-Building Industrial Portfolio in Kansas City

by Kristin Harlow April 30, 2020

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has arranged the sale of Midtown Park and Rivergate Business Center, two light industrial parks containing a total of nine buildings in Kansas City, for an undisclosed price. The properties total 560,000 square feet. There are four buildings within Midtown Park and five buildings within Rivergate. The portfolio is home to 29 tenants that occupy space ranging in size from 3,600 to 80,000 square feet. Mark Long, John Hassler, Scott Bluhm and Trenton Wahl of NGZ represented the seller, Brennan Investment Group. Sealy & Co. purchased the portfolio.

April 30, 2020

Acquisitions Healthcare Midwest Missouri

Marcus & Millichap Negotiates $1.1M Sale of Urgent Care Facility in Maryland Heights, Missouri

by Kristin Harlow April 29, 2020

MARYLAND HEIGHTS, MO. — Marcus & Millichap has negotiated the $1.1 million sale of an urgent care facility net leased to Our Urgent Care in Maryland Heights, a northwest suburb of St. Louis. The 3,488-square-foot property is located at 2070 McKelvey Road. Benjamin Bach and Dominic Sulo of Marcus & Millichap’s Oak Brook office in suburban Chicago marketed the building on behalf of the seller, a limited liability company. Bradley Barham assisted in closing the transaction as the broker of record in Missouri.

April 29, 2020

Acquisitions Industrial Midwest Missouri Self-Storage

StorageMart Acquires 310-Unit Self-Storage Facility in Downtown Kansas City

by Kristin Harlow April 24, 2020

KANSAS CITY, MO. — StorageMart has acquired a Go Storage facility located on 8th Street in downtown Kansas City. The purchase price was undisclosed. The self-storage facility features 310 climate-controlled units. The property recently underwent a renovation and received a new elevator. StorageMart plans to make further improvements, including adding perimeter fencing, gates with keypad access, renovating the office and installing motion sensor lighting in the loading bay.

April 24, 2020

Acquisitions Hospitality Midwest Missouri

Mumford Co. Negotiates Sale of 60-Room Hotel in Missouri

by Kristin Harlow April 22, 2020

KINGDOM CITY, MO. — Mumford Co. has negotiated the sale of a 60-room Super 8 hotel in Kingdom City, approximately 25 miles east of Columbia. The sales price was not disclosed. The three-story property is located near I-70. George Arvanitis of Mumford represented the seller, CapeInn LLC, and procured the buyer, Americas Value Inn LLC. The buyer intends to rebrand the property as Amerihost Inn & Suites.

April 22, 2020

Development Healthcare Hospitality Midwest Missouri

Tarlton Completes Missouri’s First COVID-19 Alternate Care Facility

by Kristin Harlow April 15, 2020

FLORISSANT, MO. — Tarlton Corp. has completed the conversion of a Quality Inn hotel in Florissant into the state’s first alternate care facility to treat non-acute COVID-19 patients. The facility, if needed, will serve as backup for patients referred by St. Louis-area hospitals. Members of the Missouri National Guard will staff the facility. Tarlton worked with the U.S. Army Corps of Engineers on the project, as well as Ross & Baruzzini, Rock Hill Mechanical Corp. and Guarantee Electrical Co. The 4.5-day project yielded more than 100 patient rooms on the four floors of the 130-room hotel. The team built a nurse’s station on each floor and turned the existing phone system into a nurse call system. The project assignment came just hours after Tarlton President Tracy Hart and COO Dirk Elsperman lost their father, Bob Elsperman, to COVID-19. Bob Elsperman led Tarlton from 1972 to1999. He was admitted to a St. Louis-area hospital on March 30 and died eight days later at the age of 83.

April 15, 2020

Development Midwest Missouri Office

Desco Group, HDA Complete 36,000 SF Office Building in Frontenac, Missouri

by Kristin Harlow April 14, 2020

FRONTENAC, MO. — The Desco Group has completed the development of a 36,000-square-foot office building in Frontenac, about 15 miles west of St. Louis. HDA Architects designed the Class A property, which features an all-brick exterior. The three-story building will include retail space on its first floor. The project is part of a larger $80 million mixed-use development.

April 14, 2020

Acquisitions Midwest Missouri Multifamily

LuxLiving Sells St. Louis Apartment Complex for $45.9M

by Kristin Harlow April 13, 2020

ST. LOUIS — LuxLiving has sold The Steelyard, a 170-unit apartment complex in the Historic Soulard neighborhood of St. Louis, for $45.9 million. Partly a redevelopment, the four-story property includes 42 adaptive reuse units in addition to 128 new units. The Steelyard is located on the site of the former Victor Iron Works, which fabricated cast-iron storefronts throughout St. Louis. Big Sur Construction completed construction of the apartment project in 2019. Amenities include a self-pour beer and wine system, resident marketplace, fitness center, pet park and outdoor amenity deck with a pool, hot tub, kitchen, hammocks and cabanas. Monthly rents start at $1,450. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyer, Hamilton Zanze. Mission Rock Residential will manage the property.

April 13, 2020

Acquisitions Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers Sale of 167-Bed Skilled Nursing Facility in St. Louis

by Kristin Harlow April 13, 2020

ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.

April 13, 2020

Acquisitions Healthcare Midwest Missouri

Marcus & Millichap Arranges $1.4M Sale of Urgent Care Facility in St. Charles, Missouri

by Kristin Harlow April 6, 2020

ST. CHARLES, MO. — Marcus & Millichap has arranged the $1.4 million sale of a 5,159-square-foot urgent care facility net leased to Our Urgent Care in St. Charles near St. Louis. The property is located at 2893 Veterans Memorial Parkway. Benjamin Bach and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the building at 100 percent of the list price.

April 6, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

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